The WTO and India’s Pharmaceuticals Industry

The establishment of the World Trade Organization (WTO) in 1995 brought about significant changes in international economic relations between countries. To comply with the Trade Related Aspects of Intellecutal Property Rights (TRIPS) Agreement of the WTO, India introduced product patent protection in pharmaceuticals from January 2005. TRIPS has generated a Huge controversy in India and abroad. India has emerged as a major source of low-cost, quality drugs for the entire world and thus plays an important role. While there are a large number of pharmaceutical manufacturers in the world, only a handful of multinationals dominate the industry. By suing patent rights, multinational companies prevented developing countries like India from realizing their potential of industrial growth and drug prices were among the highest in the world. The volume will be of interest not only to academics but also to policymakers, pharma companies, business analysts, students, NGOs, and others interested in the impact of globalization under WTO.